North India Statesman
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Do you also want to save money for your future, but are afraid of the stock market fluctuations? If your answer is ‘Yes’, today I am going to tell you about a government scheme that you can trust with closed eyes. Its name is – Public Provident Fund, i.e. PPF. This scheme is also available in the post office and it is a great option for everyone, from jobbers to small shopkeepers and home handling women. Let us understand in easy language what is this and how your money increases in it. What is PPF? This is a long -term savings scheme, which is completed in 15 years. The biggest thing: money will be saved and tax too! The most special thing of this scheme is its EEE status. Hey, don’t panic, this is not a difficult thing. This means: Exempt You can deposit up to Rs 1.5 lakh. If you want, you should deposit all the money at a time or every month in installments. This is completely on your convenience. How much does it get? At present, the government is paying 7.1%annual interest on it. This interest is added to your account every year and then next year you get interest on both principal and interest. This is called compounding, and this magic makes your small savings become a big amount. Let us calculate one, take me, you only put only 25,000 rupees (ie about 70 rupees daily) in this scheme. So after 15 years, according to 7.1%, you will have about 6.78 lakhs in your hand! Isn’t it amazing? You deposited only Rs 3.75 lakh and interest, you get around 7 lakhs. Can you withdraw money in the middle? Yes, if needed, you can withdraw a little money with some conditions from the 7th year. In addition, between the third to the sixth year of opening the account you can also take a loan on your deposited money. This scheme is for all those who want to secure your future without taking any risk. This is the best and safe way to deposit money for your children’s education, their marriage or your retirement.
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